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the rule of law with the rest of the world, they would be happy with that. >> i talked to the planning people and the ceos of a lot of multi nationals. none of them that i speak with are saying that. the uk should never become hong kong or singapore not because they aren't great things, but because they're tiny countries. of course we'll have to stick with rule of law. of course we'll have to play to their financial strengths. but that's not going to be enough if they pull themselves out of their most important political and economic relationship and if they seem to be america's wrij into europe. >> what -- the u.s. feels very strongly, it's extraordinarily strong remarks, unusual. why was that? is it because actually they view the uk as the biggest proopponent of trying to get a single market to work and if europe is not in it, they're more competitive? >> i think they view the uk's voice as more liberal and more broadly european affairs is an important one and it's a question of the uk is in many ways the u.s.'s most important national security ally. and pulling out politically inter
of the regular tatory structure of the eu and of eu laws on our economic activities. and i think most people, if we have an electoral campaign in the city, i think it might become a bit clearer to people with the costs and benefits of leaving. >> what about joining america, the 51st state? we've learned the united states has no interesting in leaving the -- we've had several warnings making it clear that the special relationship as such exists depends on britain and part of the eu. >> and i wonder why to them it's so important that the status quo is maintained. >> for the united states? >> yes. >> because britain clearly, thelithe li linguistic say close corporation on military issues means that there is a level of trust, perhaps, as the u.s. bank is more difficult to establish with other major european nations. so it's very important. >> interesting with more on that in a bit. we also want to follow what is happening with italy. shares are trading higher after monte paschi gave the go ahead for a bailout. the group is seeking a new investor to keep the company afloat. it comes as the bank's
of law, transparency, opportunity to get good managers. the u.s. will grow at a reasonable rate this year, 2%, 2.5%. outside of the united states, the best emerging markets are china, brazil we like a great deal. other places like peru, colombia, chile, south africa, turkey. korea, as well, in asia, indonesia attractive. europe has appeal. it's been beaten down so much we think it's the largest emerging market in the world. price vs. been beaten down and -- prices have been beaten down and we think growth will occur. for example, a lot of banks have to sell assets. we recently bought tcw. an asset in the united states. not a european asset. but it was owned by a french bank. that's a good asset. we think we got it at a good price. there are many banks in europe who will sell assets this year and next. we think there are good opportunities to buy there. >> it's interesting because banks are being forced to do fire sale prices. they need to raise capital. that's an opportunity for you. >> i hope so. i hope these are fire sale prices. they're probably not going to be that cheap. the banks ca
the government has come out today and said that no, we don't need to think about revising the bank of japan law. it was a threat they had out there before this statement came out. i think that independent story is something we can forget about for the time being. i think the interesting point is that monetary policy, anyone will tell you, has its limitations. especially in a country like japan. i think the onus is going to start shifting to the government itself and the government is looking ahead to an election, as we talked about many, many times. and here becomes the tricky part because they're trying to embark on structural reforms, they're talking about tax reforms, as well. this will be a multi layered process and hopefully they'll be in power long enough to deliver some of those changes. i think the market was expecting for the bank of japan to come in .deliver everything that was going to solve all of japan's problems after decades of recession, then they were probably misguided. but for the moment, the reaction we're getting from people who were watching japan is they probably took as
a date like you remember the law passed to the euro with date, there was a calendar and so on. there was a practice that had been been abandon and it's been resurrected by the leaders at the june summit. that summit has an importance which will continue to remain with us for a long time. so there has been substantial progress at the euro area governance level. and the third thing, of course, is the action and the actions undertaken by the ecb. we not only cut rates three times, we changed the collateral rules. we also launched in the early part of the year -- actually, it was the end of 2011, we launch today two very large ltros. it was 1 trillion gross injection of liquidity met was about a half a trillion. at that time, avoided a measure -- a major funding problem which could have had unexpected and dramatic consequences on the financial system. there was a funding -- people say use the word bunch. in the early part of the year, there were something like more than 230 million euro bank bonds coming through and 300 billion of sovereign issuance. so the banks that basically st
Search Results 0 to 4 of about 5

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